This project will analyze the dynamics of schooling behavior from high school entry through college completion. The objective is to enhance our understanding of the following key steps in the process of career formation: 1) the high school student's choice between college preparatory and other programs of study; 2) the high school student's choice between completing school and dropping out; 3) the high school graduate's choice between enrolling and not enrolling in college; 4) the college student's choice of a field of study; 5) the college student's choice between completing college and dropping out. The planned research will focus considerable attention on the process by which students form expectations of the returns to schooling. A recently developed, tractable approach to the analysis of dynamic choice under uncertainty will facilitate the work. The empirical investigation will exploit data from three panel surveys: the National Longitudinal Study of the High School Class of 1972, the High School and Beyond Study, and the National Longitudinal Study of Youth.